Shiba Inu (SHIB) ecosystem comes one step closer to decentralization as it officially introduced Doggy DAO phase 1, labeled as DAO 1 on ShibaSwap, replacing the past Bonefolio box. However, Bonefolio is still accessible.
Through Doggy DAO, the power of decision will be immediately shifted towards Community in voting for all new projects that are set to join the WOOF Pools in ShibaSwap, along with how the BONE rewards (Allocation Points) are to be distributed amongst them.
#ShibArmy, we are happy to announce DOGGY DAO will be officially launched in the upcoming hours with our first phase DAO 1! 🐶 #DoggyDao brings community voting rights, while also accomplishing a closer path to our mission for decentralization.
— Shib (@Shibtoken) February 18, 2022
The team called “Doggy DAO Phase 1” release as “Beta” in its official medium blog post, as the system might need an upgrade following the community feedback. The team also noted that they would have a close eye on the system’s workflow so that the community finds it easy to use, secure, and fair.
The community members holding tBONE, the staked form of BONE, will have the voting right. The community will decide how the BONE rewards should be distributed among Liquidity Pairings through voting.
The team also noted that the community should have used their vote sensibly in the blog post. After doing their research (DYOR) on the project, they want to include Shiba Swap, as “it is important to understand that ShibaSwap Developers and anyone from the Shiba Inu Team (Breeds) are NOT directly involved in the autonomy of the voting process.”
However, to make the DAO system more secure, the team has reportedly added a safety mechanic, ‘The guardians’ (6/9 wallet), alongside the Defense Breed, responsible for taking the final decision allocation approval and proper onboarding. The guardians’ list is already updated in the Shiba Woofpaper, under the ‘Emergency Multisig’ section, and includes Shiba developer Kaal Dhairya.
The Shiba Inu team explained this, stating: “This is an empowering effort to avoid any scams, thus overviewing the process of autonomy, as well as factoring in someone truly gaming the system.”
For the well-being of the platform and liquidity, the team allocated 50% of the BONE to the Locked Pairs in ShibaSwap. The Locked Pairs now include 5% for the Shiboshis, divided across the 10,000 NFTs.